CBS ending Colbert's 'The Late Show:' 'This is purely a financial decision'

CBS is nixing "The Late Show with Stephen Colbert," rocking the late-night TV landscape in a move the network cited as a "financial decision."

"'The Late Show with Stephen Colbert' will end its historic run in May 2026 at the end of the broadcast season," CBS said in a Thursday announcement. The network said it would "retire 'The Late Show' franchise at that time."

"This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount," a statement said.

The decision to sunset Colbert's show, a network TV ratings juggernaut, came just weeks after Paramount Global, the parent company of CBS, agreed to settle a high-profile lawsuit brought by President Trump over a "60 Minutes" interview with former Vice President Kamala Harris. The reported $16 million settlement — which faced widespread criticism, including from Colbert, who dubbed it a "big fat bribe" — came amid a multibillion-dollar merger effort by Paramount with entertainment giant Skydance that will require approval by Trump's Federal Communications Commission.

Colbert, who's helmed "The Late Show" since 2015, is one of Trump's fiercest late-night TV critics.

Trump has repeatedly ripped the comedian, calling him a "complete and total loser."

"CBS should terminate his contract and pick almost anyone, right off the street, who would do better, and for FAR LESS MONEY,” Trump said last year. 

In a preview clip from Thursday's show, Colbert said that he was told of the late-night shocker a day earlier. 

"It's not just the end of our show, but it's the end of 'The Late Show' on CBS. I'm not being replaced. This is all just going away," Colbert, 61, said.

"The Late Show" launched in 1993 on CBS with its original host, David Letterman. 

Calling CBS "great partners," Colbert thanked his more than 200 staffers as well as the show's audience.

In its statement, CBS said it considered Colbert "irreplaceable," saying, "Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult."

Update at 8:10 p.m. EDT